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Jan 21, 2013
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i mean, america still has got to deal with its deficit. okay. we've gone over the cliff, now we have the debt ceiling. but, you know, even if they get over those two short-term problems, you still have got the problem of a massive deficit, which is going to have to be reigned in. at some point, you're going to get a fiscal squeeze in america and that is going to put a break on what is not very far from economic growth. i think you'll have that which is always something that is going to be there in the background. you have a lot of debt, as well, still in the private sector, which needs to be fluffed off. there's a deraef raejing that you've been seeing right across the western world is still going to go on, i think, for the best part of this decade. >> and we heard leading up to this election that rarely has a u.s. president been elected with such high levels of unemployment. what was different this time? >> oh, i think it had something to do with the candidate he was facing not being able to energize the public. but i also think, look, reflatio
i mean, america still has got to deal with its deficit. okay. we've gone over the cliff, now we have the debt ceiling. but, you know, even if they get over those two short-term problems, you still have got the problem of a massive deficit, which is going to have to be reigned in. at some point, you're going to get a fiscal squeeze in america and that is going to put a break on what is not very far from economic growth. i think you'll have that which is always something that is going to be there...
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Jan 16, 2013
01/13
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the deficit isn't the product of spending. the economic down turn has left americans making less money in terms of spending. >> we spend each year more than we brought in. >> spending and revenue. our revenue has decreased and american -- >> i got to go. >> i got to go. >> spending budgets they have gone up under president obama and have held at $3.5 billion each year. >> i got to go. we can continue it another time. >> but it is also economic growth which it self might be a function of taxes and spending. if this economy were growing, you would have a substantially lower budget deficit. gentlemen we will welcome you back another time. >> there is at least one state in the northeast that gets it. natural gas shale and it is pennsylvania and the republican governor tom corebet is about to join us. he picks up support from chuck schumer who didn't get an apology for the anti-israel statements. if we were growing at 5% instead of 2% we would be close to a balanced budget today. i'm kudlow we will be right back. at 1:45, the aflac
the deficit isn't the product of spending. the economic down turn has left americans making less money in terms of spending. >> we spend each year more than we brought in. >> spending and revenue. our revenue has decreased and american -- >> i got to go. >> i got to go. >> spending budgets they have gone up under president obama and have held at $3.5 billion each year. >> i got to go. we can continue it another time. >> but it is also economic growth...
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Jan 17, 2013
01/13
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i'll win votes from independent swing voters and then i win on the deficit. >> you can -- >> on cutting regulations. where it matters. >> you can still be a principled conservative. this is all music to my ears. joe i got to take a break. stay with me. we'll have you back. i want to talk some about fiscal policies and what republicans should or should not do about that crisis. meanwhile we'll talk about it now. a group of leading conservatives joined forces on debt spending today. they penned an op-ed on why the threat of a default ought to be used to force a balanced budget a threat of a debt default. i believe this is completely dead wrong. i think it will lower our credit rating, damage our economy. by the way it's totally unworkable. but we got to talk. joining me now is the co-author of that op-ed. we bring back our friend, cnbc contributor a former bush white house deputy press secretary. let me begin with you mr. nino. i want to cut spending like nobody's business. you mess around with the debt ceiling i'm going tell you, buddy, the whole world, fiscally, economically and politic
i'll win votes from independent swing voters and then i win on the deficit. >> you can -- >> on cutting regulations. where it matters. >> you can still be a principled conservative. this is all music to my ears. joe i got to take a break. stay with me. we'll have you back. i want to talk some about fiscal policies and what republicans should or should not do about that crisis. meanwhile we'll talk about it now. a group of leading conservatives joined forces on debt spending...
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Jan 18, 2013
01/13
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there is an issue with respect to fiscal deficit. where we saw the debt ceiling. so if that were to get into any kind of a logjam, not getting results, there can be some amount of sentiment that can impact us. and impact the customers and, therefore, to us. similarly in india, you look, the budget is going to come up in february. worry seeing further moderation in interest rates. but we still do not know, because quarter four tends to be a very good quarter. we have concern because we have very good revenue comes from india gee of fee. but some of those moves that will happen by the government and therefore the decision for investment and therefore there is a little bit of uncertainty. that is a big reason why we have given a guidance of .5% to 3% in large range. >> suresh -- >> based on the deal plan that we have, we feel that -- what? >> so just to be clear, you're basically saying just so people know what we're talking about, the guide kwans for the current quarter was between 1.2% and 3.5%. you came in at 2.4% revenue growth. your guidance for the next period
there is an issue with respect to fiscal deficit. where we saw the debt ceiling. so if that were to get into any kind of a logjam, not getting results, there can be some amount of sentiment that can impact us. and impact the customers and, therefore, to us. similarly in india, you look, the budget is going to come up in february. worry seeing further moderation in interest rates. but we still do not know, because quarter four tends to be a very good quarter. we have concern because we have very...
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Jan 18, 2013
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it's been running a huge surplus which is the deficit of the other countries of europe that they cannot finance. >> correct. >> that is the essence of the european crisis. >> but in a global environment -- >> the whole question with respect to the u.s. is whether we can sustain our current account relationship with the rest of the world. and particularly with china. and that's a decision that the rest of the world will make. it's completely -- >> james, are we -- we added a new entitlement, obama care, which some, i don't know what that's going to cost. there's some groups, i guess they would call them, if they're too conservative, but trillions and trillions of dollars of additional entitlements that we've just layered over the entitlements we already have. are we at the right level now? is this the perfect level of promises we've made? or would you even go above where we are right now? >> well, i think the problem that we have is that our health care sector is bloated by this enormous private insurance system that we have. this sort of mixed bag of insurance schemes. that makes our he
it's been running a huge surplus which is the deficit of the other countries of europe that they cannot finance. >> correct. >> that is the essence of the european crisis. >> but in a global environment -- >> the whole question with respect to the u.s. is whether we can sustain our current account relationship with the rest of the world. and particularly with china. and that's a decision that the rest of the world will make. it's completely -- >> james, are we --...
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Jan 18, 2013
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then the risks accumulate and the federal reserve has been printing money to finance the government deficit, buying a lot of government bonds and at some point that is going to come apart and it might come apart, might come apart in a fashion that is rather like august of 2007 where things seem to be going smoothly and then all of a sudden it all falls apart and the question is do we have adequate contingency plans in place should that happen? >> right. >> i fear we do not. >> before we let you go, when these transcripts come out do they evoke any memories for you good or bad about these meetings? >> oh, well they evoke lots of memories. i haven't seen the transcripts of course. i look forward to reviewing it because that was my last full year in office. it was a wonderful experience to be there. i learned an awful lot. and certainly one of the things i reflect on is the various points that we missed that i missed and my colleagues missed. >> william poole, former st. louis fed president, thank you so much for your time. steve, thanks to you for sticking around. >> my pleasure. >> meantime
then the risks accumulate and the federal reserve has been printing money to finance the government deficit, buying a lot of government bonds and at some point that is going to come apart and it might come apart, might come apart in a fashion that is rather like august of 2007 where things seem to be going smoothly and then all of a sudden it all falls apart and the question is do we have adequate contingency plans in place should that happen? >> right. >> i fear we do not. >>...
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Jan 20, 2013
01/13
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like a lot of issue we are dealing with, immigration, how we reduce our deficit have strong feelings. we think if you look at the public on some of these measures, i think knute newtown changed the debate. sadly, it took a tragedy like that seeing a lot of people. by the way you democrats and republicans think differently about this issue, post that tragedy. so i think it's going to take a lot of work, it's not going to be easy. but we think we can get to a point, as we said, i think there are 60 votes in the senate, 219 votes in the house, if the process can just play itself out and we can really get votes on some of these things we think. but it's going to be hard work. >> what's -- as far as you're concerned, the window in a second term for a president to get something done? we certainly hear 14, 16 months and then he's kind of in lame duck status. >> i don't believe that let's look at where we are now, not like casting about -- roaming the halls of the house looking for things to do. whether it is deficit reduction, energy, gun control, safety, immigration, these are all stacked u
like a lot of issue we are dealing with, immigration, how we reduce our deficit have strong feelings. we think if you look at the public on some of these measures, i think knute newtown changed the debate. sadly, it took a tragedy like that seeing a lot of people. by the way you democrats and republicans think differently about this issue, post that tragedy. so i think it's going to take a lot of work, it's not going to be easy. but we think we can get to a point, as we said, i think there are...
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Jan 20, 2013
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reforming immigration, reducing the deficit gun control, averting climate change, maybe iran's nuclear program. certainly you get a sense it's going to be mainly domestic. certainly if you're looking at the tick box in the first four years, i would say killing bin laden, killing gadhafi, the american help to the arab spring, although it's not without difficulty, pulling troops in iraq and setting a timetable for afghanistan, these have all been a seen that president obama would rather focus on domestic issues rather than foreign issues. >> i think that's true. and i think you see that when he takes the bully pulpit. he doesn't go out and speak well. they' had several blunders on foreign policy issues. the most recent one is a failure for america to retaliate in some meaningful or symbolic way on the death of an american ambassador in benghazi. >> interesting point. the george bush administration would have piled in there, blown things to pieces and exacted terrible retribution. that's the american way for a long time. is that the right way? would that created, however awful the inciden
reforming immigration, reducing the deficit gun control, averting climate change, maybe iran's nuclear program. certainly you get a sense it's going to be mainly domestic. certainly if you're looking at the tick box in the first four years, i would say killing bin laden, killing gadhafi, the american help to the arab spring, although it's not without difficulty, pulling troops in iraq and setting a timetable for afghanistan, these have all been a seen that president obama would rather focus on...
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Jan 20, 2013
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you put me back in i'm going to focus on immigration, energy, i'm going to focus on this god awful deficit and debt we have. those seemed to be the three long-term things he was playing for and then newton happened and like every parent, like every american, his heart was broken and he has taken this incredibly politically difficult and divisive issue of gun safety and put it ahead i think of debt and deficit, immigration and energy. he had to respond to what happened and people right now are judging that response. >> there's a blueprint. certainly there's a blueprint and they're working on the blueprint. plans on how they'll pursue gun control and plans on how they'll pursue immigration. massive rollouts in the next few weeks. marco rubio seasoning the house for possible transformative legislation. >> 2016 happened right here right now. >> and she wasn't even the first. >> wasn't even the first. margaret and paul, thank you for joining us to talk ability these fascinating issues. >> and when we return, a sneak peek at tomorrow's parade route and security measures in place around the capit
you put me back in i'm going to focus on immigration, energy, i'm going to focus on this god awful deficit and debt we have. those seemed to be the three long-term things he was playing for and then newton happened and like every parent, like every american, his heart was broken and he has taken this incredibly politically difficult and divisive issue of gun safety and put it ahead i think of debt and deficit, immigration and energy. he had to respond to what happened and people right now are...
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Jan 20, 2013
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the biggest problem in washington is there is a trust deficit. republicans blame the president, the president and the democrats blame republicans for that. he's the singular leader of the country. we can all debate that. he needs to find a way to break it and start a second term. >> he joked because his drawers teenagers and want to spend less time with him and he may have more time to hang out with members of congress and back slap. has that been an issue? >> i don't see him spending a lot more time with members of congress. i think he brushed that aside when asked about it in a recent press conference. i think and you just had time with him, with the historians, but what i see in him is a man more confident, he's tougher, i think he's smarter politically, i think he's bolder. i'm not sure he's wiser in terms of how do you get things done in this city. that's where we'll have to let that play out. i think he may have a -- portrait of him in "the new york times" saying he's not only scarred but he has a smaller sense of what can be accomplished.
the biggest problem in washington is there is a trust deficit. republicans blame the president, the president and the democrats blame republicans for that. he's the singular leader of the country. we can all debate that. he needs to find a way to break it and start a second term. >> he joked because his drawers teenagers and want to spend less time with him and he may have more time to hang out with members of congress and back slap. has that been an issue? >> i don't see him...
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Jan 21, 2013
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we still have trillion dollar deficits. >> reporter: presidential improvement. >> i don't look at my pension, and it's not as big as yours. so it doesn't take as long. >> reporter: presidential victory. a time to look back at sports teams, disaster, promises kept, most troops out of iraq, sports teams, disaster. upheaval. gadhafi dead. sports teams, sports teams, promises broken. guantanamo still open. disaster, tragedy. ft. hood, tucson. >> our hearts are broken by their sudden passing. >> reporter: colorado, newtown. >> for those of us who remain, let us find the strength to carry on and make our country worthy of their memory. >> reporter: fiscal debate, fiscal discord, fiscal destiny. sports teams, sports teams, sports teams. >> now, where were we? >> reporter: we were here, j
we still have trillion dollar deficits. >> reporter: presidential improvement. >> i don't look at my pension, and it's not as big as yours. so it doesn't take as long. >> reporter: presidential victory. a time to look back at sports teams, disaster, promises kept, most troops out of iraq, sports teams, disaster. upheaval. gadhafi dead. sports teams, sports teams, promises broken. guantanamo still open. disaster, tragedy. ft. hood, tucson. >> our hearts are broken by...
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Jan 15, 2013
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that's the smallest monthly deficit in five years. some of that is artificial. people pulling transactions forward because they were afraid of higher tax rates in 2013. but for the first three months of 2013, we have a rapidly shrinking fiscal 2013, we have a rapidly shrinking deficit. so we are in a way chasing a vanishing problem. >> which is interesting, and that would allow for some things that are dirty and things that are not so dirty, would completely perhaps get rid of this problem after a while. do you think we're headed for a full stalemate? >> it's such a shame. i think david is right because we have low debt service right now. we're paying less interest on our debt than we had in the reagan and bush administrations before because interest rates are so low. >> but they're going to go up one day. >> but not for several years. i'll say it, we should be borrowing more at 30-year, 3% terms, so we can invest in the long-term growth of this economy. this is not the time for further austerity and cuts. if we were even to consider that right now, it would be
that's the smallest monthly deficit in five years. some of that is artificial. people pulling transactions forward because they were afraid of higher tax rates in 2013. but for the first three months of 2013, we have a rapidly shrinking fiscal 2013, we have a rapidly shrinking deficit. so we are in a way chasing a vanishing problem. >> which is interesting, and that would allow for some things that are dirty and things that are not so dirty, would completely perhaps get rid of this...
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Jan 15, 2013
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that is if congress doesn't come up with what it calls a credible medium term deficit reduction plan. understand that fitch is not just looking for an 11th hour debt ceiling deal that sets the table for another mini crisis down the road. the federal government hit the debt limit as you know on december 31st. the treasury is using so-called extraordinary measures to pay its bills through mid-february or early march. now, fitch predicts washington will extend the debt ceiling despite the current war of words between president obama and republicans in congress. what happens if we get downgraded? it happened before. remember 2011, when standard & poor's did it. that hit markets and the wider economy hard, but it didn't cause interest rates to increase. this time could be different, however, because the rest of the world is getting its act together. even successful businesses like ford are worried. here's what ceo alan mulally told me today. >> i think the most important thing to your point is that we come together around a solution that allows us to live within our means, to reduce our bu
that is if congress doesn't come up with what it calls a credible medium term deficit reduction plan. understand that fitch is not just looking for an 11th hour debt ceiling deal that sets the table for another mini crisis down the road. the federal government hit the debt limit as you know on december 31st. the treasury is using so-called extraordinary measures to pay its bills through mid-february or early march. now, fitch predicts washington will extend the debt ceiling despite the current...
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Jan 16, 2013
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that's the deficit. the accumulated annual deficits or shortfalls plus interest make up the national debt. that's more than $16 trillion today. the debt had run up under republican and democratic presidents and congresses. both have had opportunities to tackle it, but it's never politically palatable. president obama formed this simpson/bowles commission, headed by simpson and erskin bowles to cut the debt by $4 trillion over 10 years. critics say president obama has all but ignored it. commission co-head simpson says the growing threat poses a major threat to the u.s. economy. >> where is the tipping point? i don't know where it is, but when it comes, going to be so swift and so savage. >> reporter: obama's plan proposes $360 billion in cuts to medicaid, medicare and other health programs over the next decade. but because costs in those programs are rising fast, the debt would be $6.4 trillion higher in 10 years. the president's budget also proposes cuts to discretionary and mandatory spending that woul
that's the deficit. the accumulated annual deficits or shortfalls plus interest make up the national debt. that's more than $16 trillion today. the debt had run up under republican and democratic presidents and congresses. both have had opportunities to tackle it, but it's never politically palatable. president obama formed this simpson/bowles commission, headed by simpson and erskin bowles to cut the debt by $4 trillion over 10 years. critics say president obama has all but ignored it....
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Jan 14, 2013
01/13
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i think a lot of what they complain about with respect to us, for example, our large fiscal deficits, one example, i think it would be in our interest to deal with. similarly, a lot of what we complain about with respect to them, their export-driven strategy, the absence of domestic demand, it's critically important to have sustainable growth going forward to deal with that issue. so i think we have a common self interest in dealing with many of the issues that we complain to each other about. >> what should be the core elements of a u.s.-china relationship going forward? >> the core elements of a cooperative u.s.-chinese relationship is in many respects in the communique by presidents obama and jintao of china, itemizing and developing several ears to be koob rating because it sets a framework, a framework in which the word partnership is really given meaning and a framework for something unprecedented in the history of human affairs, namely, when two major powers arise, they almost never collide. for the first time in history, america and china have the opportunity to avoid that, to
i think a lot of what they complain about with respect to us, for example, our large fiscal deficits, one example, i think it would be in our interest to deal with. similarly, a lot of what we complain about with respect to them, their export-driven strategy, the absence of domestic demand, it's critically important to have sustainable growth going forward to deal with that issue. so i think we have a common self interest in dealing with many of the issues that we complain to each other about....
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Jan 17, 2013
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talking about debt, deficit, government spending, 15, 20 years ago when no one was much focused on it here is a chance to take what you learned on the way up, what you learned on the way down. what you learned in congress before, the governorship and apply it to the debate of our time. >>> piers morgan will have an exclusive interview at 10:00 p.m. eastern on cnn. >>> quint se conrad bain, the d different strokes, has died. only one surviving member, willis. >> such a great show. you think of all of the drama cast members had over the years. >> i don't remember. i don't think i was born then. >> that show was a long time ago. >> amazing. >>> still ahead this morning on "starting point," hottest pregnant sri lankan, hottest indian chick. just a document categories in the "qq" hottest women of the millennium issue. we'll talk about that straight ahead. >>> and the girlfriend of notre dame's linebacker manti te'o died, millions came to his side. it was all a hoax. it wasn't caught and why not? mark greenberg and mark schlerath will join me to talk about that, straight ahead. officeyour b
talking about debt, deficit, government spending, 15, 20 years ago when no one was much focused on it here is a chance to take what you learned on the way up, what you learned on the way down. what you learned in congress before, the governorship and apply it to the debate of our time. >>> piers morgan will have an exclusive interview at 10:00 p.m. eastern on cnn. >>> quint se conrad bain, the d different strokes, has died. only one surviving member, willis. >> such a...
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Jan 17, 2013
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. >> he called me and said mark, you know, you have to do this he said you were talking about deficit, government spending 1520 years ago when nobody was that much focused on it. they are now. here's a chance for you to take what you learned on the way up, what you learned on the way down, what you learned in congress before, what you learned in the governorship and apply it to what is really the debate of our time. >> you will remember his governorship, which was riddled with that story where he admitted an affair with a woman from argentina back in 2009. >>> look at this, unless you're a little claustrophobic. this oregon woman spent nearly four hours trapped in an eight-inch space between an apartment building and a 20-foot wall. this happened early wednesday morning in downtown portland. apparently she fell from a second floor smoking area and getting her out was not easy. firefighters had to cut through a section of wall and used air bags to widen the space. lieutenant rich chapman is the firefighter who pulled that woman out. >> we were assuring her we were doing everything to g
. >> he called me and said mark, you know, you have to do this he said you were talking about deficit, government spending 1520 years ago when nobody was that much focused on it. they are now. here's a chance for you to take what you learned on the way up, what you learned on the way down, what you learned in congress before, what you learned in the governorship and apply it to what is really the debate of our time. >> you will remember his governorship, which was riddled with that...
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Jan 16, 2013
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two months, three months, four months and more if need be when he wants to do big things on debt and deficit, big things on medicare, comprehensive immigration reform, and will be in a fight with republicans over that? this is going to be a test of how long the president is prepared to wage what -- to get hard stuff done to get an assault weapons ban, to get the magazine clips, universal background check is easier, but the president has to dig in and fight and it will be fascinating to watch. >> this is a statement we have gotten from the nra, national rifle association, part of the statement. we look forward to working with congress on a bipartisan basis to find real solutions to protecting america's most valuable asset, our children. attacking firearms and ignoring children is not a solution to the crisis we face as a nation, only honest, law abiding gun owners will be affected and our children will remain vulnerable to the inevitability of more tragedy. to the inevitability of more tragedy, john king, to the latter part of that statement, congress could enact everything that the president
two months, three months, four months and more if need be when he wants to do big things on debt and deficit, big things on medicare, comprehensive immigration reform, and will be in a fight with republicans over that? this is going to be a test of how long the president is prepared to wage what -- to get hard stuff done to get an assault weapons ban, to get the magazine clips, universal background check is easier, but the president has to dig in and fight and it will be fascinating to watch....
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Jan 15, 2013
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he promised to pay down the deficit at least half in his first term. the first two years of his first term he had a democratic congress house and senate. he could have done anything he wanted. instead he put through an $800 billion stimulus bill and a $1.7 trillion obama care. if he wasn't going to address it then, when is he going to address it? he is essentially holding congress hostage right now and the american people with these scare tactics. >> okay, newt gingrich addressed this whole issue on "cbs this morning" and i'll read you what he said. "it isn't a smart fight for congressional republicans to pick, because in the end, it's a threat they can't sustain. no one is going to default, no one will allow the united states to not pay its bills, no one is going to accept the economic costs. it rallies the entire business community to the president's side." so even newt gingrich says this isn't a wise fight to pick. you may feel strongly about spending cuts but this isn't the right time to fight. >> when is the right time? when is the right time? bec
he promised to pay down the deficit at least half in his first term. the first two years of his first term he had a democratic congress house and senate. he could have done anything he wanted. instead he put through an $800 billion stimulus bill and a $1.7 trillion obama care. if he wasn't going to address it then, when is he going to address it? he is essentially holding congress hostage right now and the american people with these scare tactics. >> okay, newt gingrich addressed this...
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Jan 21, 2013
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you can't solve the financial deficit until they solve the trust deficit. maybe it's hopeful idealism. but maybe they made a small down payment today. >> i with us also thinking as i was watching the president review the troops, and you heard leon panetta talk about the first lady and jill biden and how much they have done for their troops and their families. but i'm willing thinking coming into this next phase, this is going to be a president that could have some difficult relationships with generals. he has always been concerned about the generals and not being overtaken by them. and he has spoken an awful lot about that as presidents have to make their own decisions, not be led too much by the generals. i think the nomination of chuck hagel is somebody who was a sergeant, whom he believes comes at the pentagon from the view of the bottom of the ladder, not at the top of the ladder. and so i think you're going to have some real issues. >> general stanley mcchrystal wrote about that actually in his new book. he talked about the deficit of trust they had ea
you can't solve the financial deficit until they solve the trust deficit. maybe it's hopeful idealism. but maybe they made a small down payment today. >> i with us also thinking as i was watching the president review the troops, and you heard leon panetta talk about the first lady and jill biden and how much they have done for their troops and their families. but i'm willing thinking coming into this next phase, this is going to be a president that could have some difficult relationships...
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Jan 15, 2013
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down and would pay down the deficit. guest: i like the point you are making. a very close friend of mind in scranton is a jeep dealer. and he was going to sell a cherokee in beijing, it costs about $100,000 which is outrageous. they add all sorts of import and do the fees and that just will not happen here. we need to rethink some of these trade imbalances. for example, of the note to the big box retailer and you can see the big box retailers and the countries that do not have strict labor laws, workplace safety laws, environmental regulations to protect, in a sensible fashion, the economy. foreign countries can sell them cheaper the in this country and i think that applies to automobiles as well. maybe the way to have these sensible regulations is to have a sensible tax along the line you are talking about. host: we are talking with freshman democrat from pennsylvania, rep cartwright. next caller. caller: the definition of the fault is not being able to pay your bills. -- the definition of default is not being able to p
down and would pay down the deficit. guest: i like the point you are making. a very close friend of mind in scranton is a jeep dealer. and he was going to sell a cherokee in beijing, it costs about $100,000 which is outrageous. they add all sorts of import and do the fees and that just will not happen here. we need to rethink some of these trade imbalances. for example, of the note to the big box retailer and you can see the big box retailers and the countries that do not have strict labor...
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Jan 17, 2013
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finally, on the federal budget deficit and debt, the committee sees that the budget deficit will continue to decline over the next two years. but we do not characterize the debt and deficit at unsustainably high levels. we do think the deficit is reduced to $925 billion in 2013 and narrowed further, to $728 billion in 2014. that is down from $1.1 trillion last year. that gives you an overview of the committee consensus opinion and i would be happy to answer any additional questions you might how about the committee's outlook. i will be happy to entertain other questions as well. yes? >> just to clarify a little bit on the gdp dragon on the tax hike, was that on the payroll and income tax increases? >> that is correct. >> the 1.25% dragon, was out for the whole year? -- the 1.25% drag, was that for the whole year? >> we think it will be for the whole year of fiscal 2013. >> with the labour market and some improvement on as quick as it was, without just -- there was some sentiment that it might be slowing down. >> we are seeing drags on consumer spending, but also from the ongoing recession
finally, on the federal budget deficit and debt, the committee sees that the budget deficit will continue to decline over the next two years. but we do not characterize the debt and deficit at unsustainably high levels. we do think the deficit is reduced to $925 billion in 2013 and narrowed further, to $728 billion in 2014. that is down from $1.1 trillion last year. that gives you an overview of the committee consensus opinion and i would be happy to answer any additional questions you might...
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Jan 17, 2013
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he is a deficit hawk. more important than that he is a thoughtful and conscious -- voice of a conscious for the senate throughout his term on fiscal responsibility. we worked together in a very effective way to try to bring some sort of bipartisan effort into the requirement that we do something about the debt. it was really, as was mentioned, an idea that we came up with on a long plane ride i think to central america to put together a commission that then threw into the simpson bowls proposal that has become the defining memo for the effort to try to get that is under control. is fond of quoting a friend of his, the foreign minister of australia. we met a few months ago who said to him the united states is one debt deal away from leading the world out of fiscal chaos and disruption. we are. we truly are. we are a nation on the brink of massive economic expansion. from the place that can't is from, north dakota, you see the change in the paradigm on energy. we will go from an important country to exportin
he is a deficit hawk. more important than that he is a thoughtful and conscious -- voice of a conscious for the senate throughout his term on fiscal responsibility. we worked together in a very effective way to try to bring some sort of bipartisan effort into the requirement that we do something about the debt. it was really, as was mentioned, an idea that we came up with on a long plane ride i think to central america to put together a commission that then threw into the simpson bowls proposal...
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Jan 15, 2013
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the deficit. so it should not be surprising, given all the talk, the it the american people think washington is hurting rather than helping the country at the moment. they see their representatives concerned over paying the bills while they overwhelmingly want to focus on growing the economy and creating more jobs. so let's finish this debate and give it businesses and the world the certainty our economy and reputation are still second to none of. we pay our bills. we handle our business, and then we can move on, because america has a lot to do. we have to create more jobs, boost the wages of those that have worked and reached for energy independence, reformed immigration system. we have to give our children the best education possible and do everything we can to protect them from the horrors of gun violence. i am grateful to vice president biden for his work on this issue of gun violence and for his proposals, which i will review later today and address in the next few days and intend to vigorous
the deficit. so it should not be surprising, given all the talk, the it the american people think washington is hurting rather than helping the country at the moment. they see their representatives concerned over paying the bills while they overwhelmingly want to focus on growing the economy and creating more jobs. so let's finish this debate and give it businesses and the world the certainty our economy and reputation are still second to none of. we pay our bills. we handle our business, and...
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Jan 17, 2013
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you have the looming federal deficit, but you also have this deficit in infrastructure. what it takes to sustain mobility, the economy, society. we can't ignore one by taking care of the other. there has to be a package deal. the simpson-bowles commission recognized it had to be part of the package. you have to demand that transportation be part of this overall solution that is put together and get into whether ideas have a better chance of enactment. but what our stance is, if you simply go to the republican caucus and say, let's raise taxes, they'll throw you out of the room. but if you go to them with a proposition, can we reduce the deficit of $150 billion? can we make the program pay its own way and can we sustain jobs and the solvency of the highway trust fund all in one, i think we'll have something to go on. again, thank you so much for the cary award. we value this and i appreciate the recognition and we want to commitment our -- continue our commitment to research and debate opportunity to share with you the thoughts on this idea. what you heard the secretary s
you have the looming federal deficit, but you also have this deficit in infrastructure. what it takes to sustain mobility, the economy, society. we can't ignore one by taking care of the other. there has to be a package deal. the simpson-bowles commission recognized it had to be part of the package. you have to demand that transportation be part of this overall solution that is put together and get into whether ideas have a better chance of enactment. but what our stance is, if you simply go to...
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Jan 19, 2013
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for decades we have piled deficit upon deficit, mortgaging our future and our children's future for the temporary convenience of the present. to continue this long trend is to guarantee tremendous social, cultural, political, and economic upheavals. you and i, as individuals, can, by borrowing, live beyond our means, but for only a limited period of time. why, then, should we think that collectively, as a nation, we're not bound by that same limitation? we must act today in order to preserve tomorrow. and let there be no misunderstanding -- we are going to begin to act, beginning today. [applause] the economic ills we suffer have come upon us over several decades. they will not go away in days, weeks, or months, but they will go away. they will go away because we as americans have the capacity now, as we've had in the past, to do whatever needs to be done to preserve this last and greatest bastion of freedom. in this present crisis, government is not the solution to our problem, government is the problem. [applause] from time to time we've been tempted to believe that society has become
for decades we have piled deficit upon deficit, mortgaging our future and our children's future for the temporary convenience of the present. to continue this long trend is to guarantee tremendous social, cultural, political, and economic upheavals. you and i, as individuals, can, by borrowing, live beyond our means, but for only a limited period of time. why, then, should we think that collectively, as a nation, we're not bound by that same limitation? we must act today in order to preserve...
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Jan 13, 2013
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he said he would cut the deficit in half. they passed the deficit a year ago, about cutting this. why is it not being cut now? i have been told both sides are not getting along, but he is the president, and he needs to lead. i do not understand how there are billions of dollars across the world to different countries. i know we do that for specific reasons, but we should be using some of that money to pay our deficits off. what i do not understand is, why are we continuing to do that, to help everybody else out and we should be taking care of our own country? host: let me show you the front page of the new york times. if we can move over -- we will move it over, here it is right here, a wide shot -- will be focusing on senator hagel in a couple of minutes and looking back at some of the things he has said over his tenure in the u.s. senate. that line from "the new york times" -- also from "the hartford courant" -- "the arizona republic repor" -- some local stories, beginning with "the chicago tribune" -- from "the detroit free press" -- the president will be sworn in. there will b
he said he would cut the deficit in half. they passed the deficit a year ago, about cutting this. why is it not being cut now? i have been told both sides are not getting along, but he is the president, and he needs to lead. i do not understand how there are billions of dollars across the world to different countries. i know we do that for specific reasons, but we should be using some of that money to pay our deficits off. what i do not understand is, why are we continuing to do that, to help...
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Jan 20, 2013
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two issues that you put on the table that the present will be facing, immigration, the debt and deficit. >> that is absolutely true, these will be two big issues. on the gun-control issue, but no one is talking about taking everyone's guns away. they are talking about sensible, common-sense measures to prevent some of the tragic incidents we have seen recently, in newtown, aurora, colorado. i think there will be time to get into the thick of these issues after tomorrow, but tomorrow will be a chance for the president, really, to bring the country together and say we need to reach common ground on some of the major problem we face. >> you were inside the bush white house. the president put on the table two big domestic agenda items, immigration reform, primarily because his own party said no, and social security reform. >>what advice would you give president obama, based on the lessons that you saw firsthand with president bush? >> the advice i would give to him is you cannot go wrong by doing what you promised you would do, by pressing the agenda and you promised the voters you promised
two issues that you put on the table that the present will be facing, immigration, the debt and deficit. >> that is absolutely true, these will be two big issues. on the gun-control issue, but no one is talking about taking everyone's guns away. they are talking about sensible, common-sense measures to prevent some of the tragic incidents we have seen recently, in newtown, aurora, colorado. i think there will be time to get into the thick of these issues after tomorrow, but tomorrow will...
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Jan 15, 2013
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carolina has said, a deficit crisis of huge proportions. with an economy that's fighting to recover, and any expenditure must be weighed against all other needs facing our nation. now, i don't take the backseat to anyone when it comes to cutting spending. since i have chaired this committee, the last two years we've cut $100 billion off of discretionary spending. two years in a row going on a third. that's not happened since world war ii. so i know where i speak. in this case, madam chair, the needs are very desperately clear. we must provide this emergency funding as we are allowed by law without the devastating slash and burn cuts elsewhere that this amendment would cause. the amendment before us would splash nearly $20 billion from discretionary spending this year alone, totally indiscriminant, unspecific, cutting the good and the bad, completely abdicating the responsibility of congress to determine where spending should or should not occur. to put this in perspective, this amendment contains a cut to regular discretionary spending that
carolina has said, a deficit crisis of huge proportions. with an economy that's fighting to recover, and any expenditure must be weighed against all other needs facing our nation. now, i don't take the backseat to anyone when it comes to cutting spending. since i have chaired this committee, the last two years we've cut $100 billion off of discretionary spending. two years in a row going on a third. that's not happened since world war ii. so i know where i speak. in this case, madam chair, the...
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Jan 15, 2013
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this would allow us to keep reducing the deficits. we have a shared value in eliminating waste, fraud, and abuse. we are intent on that. host: how much of the budget does waste, fraud, and abuse make up? guest: i could go back to virginia beach, virginia, and we could identify waste every day. we will never eliminate it entirely. we can do a better job. it will take reforms. we are living longer and we have fewer people paying in. i want to protect those who are hurting the most, like art, who called in earlier. host: lester is a republican. caller: good morning. disability, 63 years old. my wife still works. $45,000 a less taw less than year. somehow someone is going to have to do something about this. guest: i agree completely. i believe it is immoral for one generation to pass on debt that dims their future. those who have served our country -- i am mindful of the price paid by our goldstar families. we're failing the young people. i am with you. i was over it. i believe when americans are given good information, they will make goo
this would allow us to keep reducing the deficits. we have a shared value in eliminating waste, fraud, and abuse. we are intent on that. host: how much of the budget does waste, fraud, and abuse make up? guest: i could go back to virginia beach, virginia, and we could identify waste every day. we will never eliminate it entirely. we can do a better job. it will take reforms. we are living longer and we have fewer people paying in. i want to protect those who are hurting the most, like art, who...
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Jan 19, 2013
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real solutions to the debt limit and taxation of illegal drugs, at least marijuana will reduce the deficit, increase revenue, increase jobs. decrease crime in half. host: so what do you think about the strategy from house republicans? what do you think specifically on this as a strategy? caller: i think it's just a big joke. without new revenue. they know. they don't care that we're going down the tubes. they don't care about sese quest ration. now they are talking about the construction industry is going crazy. we need more cheap labor from third world countries. like that's going to help. host: ela is on our democrats line from charlotte, south carolina. you're on. what do you think about this proposal? caller: i think it's crazy. because the president is not going to go for it. he has already said that he wants a clean debt ceiling bill. not three months that we have to go through the same thing again. he wants it for a whole year. so i don't understand why the republicans are doing this. they know they are not going to get it. they are not going to get this, so this is wasting precious
real solutions to the debt limit and taxation of illegal drugs, at least marijuana will reduce the deficit, increase revenue, increase jobs. decrease crime in half. host: so what do you think about the strategy from house republicans? what do you think specifically on this as a strategy? caller: i think it's just a big joke. without new revenue. they know. they don't care that we're going down the tubes. they don't care about sese quest ration. now they are talking about the construction...
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Jan 16, 2013
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guest: we have had some deficit reduction. as the president laid out a couple days ago, we have had over $2 trillion. we had 1.5 trillion that came from previous actions. and then we added just a few days ago some further deficit reductions through some increased taxes on the very wealthy of this country. so we have already begun to undertake deficit reduction. to use that as a reason to use the debt ceiling as a weapon is really playing with fire. they say pay some bills and not pay others. we have never tried that before. host: is it feasible? guest: i don't think so. which bills? social security? veterans? people out fighting for this country? which bills do you pay? we never tried that. i think the president put it so well. this is not a deadbeat nation really, and i think common sense is likely to prevail within the republican ranks. i know, if i might say so, if not firsthand, secondhand, much of the leadership within the house republican caucus, not all of it, i think some realizes the potential consequences. host: if p
guest: we have had some deficit reduction. as the president laid out a couple days ago, we have had over $2 trillion. we had 1.5 trillion that came from previous actions. and then we added just a few days ago some further deficit reductions through some increased taxes on the very wealthy of this country. so we have already begun to undertake deficit reduction. to use that as a reason to use the debt ceiling as a weapon is really playing with fire. they say pay some bills and not pay others. we...
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Jan 18, 2013
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., our deficit to g.d.p. down around 3%, which is the basis of all economists left, right and center all agree on the areas we can begin to grow as a country. and as my grandfather used to say with grace of god and goodwill of the neighbors, cooler heads will prevail now between now and the time we deal with the debt ceiling and we may meet the goal which we set out to do, which is to have roughly a $4 trillion cut over 10 years in the long-term deficit and to put us on that path. but i didn't come here to talk about any of those important subjects today, because as important as they all are today we have a more urgent and immediate call and that is how to deal with the epidemic of gun violence in america. you all know the statistics better than anyone so i'm not going to repeat them. on that score, i owe an incredible debt of gratitude to you at the head table and those of you in the room. i know we don't have unanimity in this ballroom nor do we in any ballroom, but we all acknowledge that we have to do som
., our deficit to g.d.p. down around 3%, which is the basis of all economists left, right and center all agree on the areas we can begin to grow as a country. and as my grandfather used to say with grace of god and goodwill of the neighbors, cooler heads will prevail now between now and the time we deal with the debt ceiling and we may meet the goal which we set out to do, which is to have roughly a $4 trillion cut over 10 years in the long-term deficit and to put us on that path. but i didn't...
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Jan 16, 2013
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and the deficit and we ought to cut -- we ought to eliminate government programs. certainly there are government programs that are neither efficient, effective or necessary. and those, yes, those should be cut. but when you start talking about infrastructure, this is something that we really must do. it was said that for an expenditure of some $15 billion , new york city could have protected its subway system and the shoreline from the devastation of two major storms. one that occurred a year ago and another one that occurred just 97 days or three months ago, superstorm sandy. so if we get ahead of these disasters and build the necessary protections, for example, in my district, if we build those levees, yes, it will cost money, but in one area it's about $1 billion. very expensive. no doubt about it. but if we do not protect, do not build those levees, the devastation will amount to several times that amount of money. that's precisely what happened in manhattan and in the new york city area. so, again, you spend that money up front, yes, you put people to work, ye
and the deficit and we ought to cut -- we ought to eliminate government programs. certainly there are government programs that are neither efficient, effective or necessary. and those, yes, those should be cut. but when you start talking about infrastructure, this is something that we really must do. it was said that for an expenditure of some $15 billion , new york city could have protected its subway system and the shoreline from the devastation of two major storms. one that occurred a year...
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Jan 18, 2013
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., our deficit to g.d.p. down around 3%, which is the basis of all economists left, right and center all agree on the areas we can begin to grow as a country. and as my grandfather used to say with grace of god and goodwill of the neighbors, cooler heads will prevail now between now and the time we deal with the debt ceiling and we may meet the goal which we set out to do, which is to have roughly a $4 trillion cut over 10 years in the long-term deficit and to put us on that path. but i didn't come here to talk about any of those important subjects today, because as important as they all are today we have a more urgent and immediate call and that is how to deal with the epidemic of gun violence in america. you all know the statistics better than anyone so i'm not going to repeat them. on that score, i owe an incredible debt of gratitude to you at the head table and those of you in the room. unanimitydon't have in this ballroom nor do we in any ballroom, but we all acknowledge that we have to do something. we
., our deficit to g.d.p. down around 3%, which is the basis of all economists left, right and center all agree on the areas we can begin to grow as a country. and as my grandfather used to say with grace of god and goodwill of the neighbors, cooler heads will prevail now between now and the time we deal with the debt ceiling and we may meet the goal which we set out to do, which is to have roughly a $4 trillion cut over 10 years in the long-term deficit and to put us on that path. but i didn't...
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Jan 20, 2013
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especially with issues like debt and deficit dealing with what ever happens on gun control, they have a big heavy docket already. there are a lot of reasons this could still stumble. >> on the issue of guns and gun violence, the story on -- available on line with the headline in -- we asked him, what will pass? guest: i wish i knew. i would hope we could close the gun show loophole. which could limit the size of magazines. i would hope that we would have background checks the same for everybody and actually have some teeth and took them. host: what would the senate passed? what will house republican support with a twist on guns? guest: let's begin with the process that he will hold a hearing. he will hold a hearing and try to see what consensus can develop out of there. he is critical to this. the lot would come through his committee. the speech he game at georgetown on wednesday. i came away from their unsure of how far he is willing to go. he said he would be willing to take a look at an assault weapons ban, which he voted for in 1994. he said he told an interesting story of high-ca
especially with issues like debt and deficit dealing with what ever happens on gun control, they have a big heavy docket already. there are a lot of reasons this could still stumble. >> on the issue of guns and gun violence, the story on -- available on line with the headline in -- we asked him, what will pass? guest: i wish i knew. i would hope we could close the gun show loophole. which could limit the size of magazines. i would hope that we would have background checks the same for...
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Jan 21, 2013
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he applauded on a lot of the lines of the deficit and the mention of newtown and other issues, but notably on immigration reform, he just sort of sat there while other members did applaud. whether or not you can read something into that, i am not sure, but it is definitely an opportunity for reaction on the other side. host: to all of these issues we have been addressing the last hour, i want to look at something your colleague wrote in "the washington post." "if the president can reach a broad deal that settles some of the disputes over entitlement spending and tax code and govgiving the government borrowing authority to last through much of the term, he can use that energy to forge a bipartisan, rise on these other big issues to." guest: that is a huge point. one point that ms. mcconnell, republican leader in the senate, has made over and over again is the reason they are using to get them as leverage is they feel the urgency of the issue, and one of the things he said in the past few weeks was that if obama does come to the table and helps to craft a big deal, both sides can agree to, h
he applauded on a lot of the lines of the deficit and the mention of newtown and other issues, but notably on immigration reform, he just sort of sat there while other members did applaud. whether or not you can read something into that, i am not sure, but it is definitely an opportunity for reaction on the other side. host: to all of these issues we have been addressing the last hour, i want to look at something your colleague wrote in "the washington post." "if the president...